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Cyprus Property News

Old Larnaca Airport to Become a Chinese Exhibition Center

Hermes Airports and the Chinese company Far Eastern Phoenix Ltd have signed a final agreement to redevelop the Old Larnaca Airport site at a cost of 600 million euro.

The site will become a major exhibition center exclusively for Chinese goods and aimed squarely at companies with no access to the public.

Four thousand new jobs are expected to be created and the center will be operated by the Chinese investors with a 19 year lease with the option to extent the term to 50 years. The building works are expected to start as soon as the relevant permits have been obtained with the first business customers entering the center in 2 years time.

It seems that the geographical position of Cyprus sitting at the crossroads of Asia, Africa and Europe paid a large part in the decision of the Chinese to make the 600 Million euro investment in Cyprus.